EU Panel Clears Sale of Firth Rixson

Equity group to buy forging group for $2 billion

Dec 17, 2007

The European Commission has cleared the sale of Firth Rixson Ltd. from one group of private investors, the Carlyle Group L.P., to another, Oak Hill Capital Partners, for an estimated $2 billion. With operations in the U.S., England, Hungary, and China, Firth Rixson is one of the world's largest producers of forgings and rolled rings.

The EC is the competition regulating body of the European Union.

The proposed sale was announced in early November. Oak Hill reports it will maintain Firth Rixson’s management team.

Oak Hill Capital Partners is a private equity firm with more than $6 billion of committed capital. One of its partners, Rowan Taylor, said of Firth Rixson: "We believe the company is well positioned to enjoy record growth over the next few years as it delivers its critical products to its aerospace and industrial customers. We look forward to working with David and his outstanding management team.”

Firth Rixson CEO David Mortimer, earlier credited Oak Hill for its commitment to the aerospace industry and "genuine enthusiasm for Firth Rixson and our business."